COFECE approves Pan American Silver's acquisition of MAG Silver

Mexico's Federal Economic Competition Commission has approved Pan American Silver Corp.'s (NYSE: PAAS) acquisition of all outstanding shares of MAG Silver Corp. (NYSE American: MAG), the companies announced. The transaction is expected to close on or about September 4, 2025.

The approval represents the final regulatory hurdle for the arrangement, with all required regulatory, shareholder and court approvals now received. MAG shareholders have until 2:00 p.m. Vancouver time on August 27, 2025, to elect their preferred form of consideration.

Shareholders can choose between $20.54 in cash per MAG share or a default option of $0.0001 in cash plus 0.755 Pan American shares per MAG share held. The elections are subject to proration to ensure total consideration consists of $500 million in cash with the remainder paid in Pan American shares.

Pan American Silver operates mines across Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. The Vancouver-based company trades on both the New York Stock Exchange and Toronto Stock Exchange.

MAG Silver is a Canadian mining company with a 44% joint venture interest in the Juanicipio Mine in Mexico's Fresnillo Silver Trend, operated by Fresnillo which holds the remaining 56%. The mine processes 4,000 tonnes per day. MAG also holds interests in exploration projects in Utah and Canada.

The information was disclosed in a joint press release from both companies.

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